Cardano is now a top-three cryptocurrency as ADA price soars 27% in 24 hours

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Cardano (ADA) acquired a contemporary wave of optimism and shopping for quantity on Feb. 26 that pushed the value of ADA to a brand new all-time excessive of $1.29, making Cardano the third-ranked cryptocurrency by market capitalization. 

Information from Cointelegraph Markets and TradingView reveals that ADA surged 27% from a low of $0.98 throughout the early buying and selling hours on Feb. 26 to its new excessive at $1.29 on document buying and selling quantity. 

ADA/USDT 4-hour chart. Supply: TradingView

Momentum for the mission has been constructing all through the month of February following the integration of the Mary upgrade to Cardano’s testnet on Feb. 3. The improve allows sensible contract performance, serving to rework the blockchain right into a multiasset community much like Ethereum (ETH).

Mary’s mainnet launch date revealed

The newest rise in worth coincided with Cardano founder Charles Hoskinson posting the next tweet, indicating Mary could be stay on the mainnet in the beginning of the subsequent epoch on March 1:

ADA briefly spiked to $1.17 following the announcement earlier than pressures in the broader cryptocurrency market pushed it again beneath the $1.00 degree on Feb. 25.

Thereafter, the buying and selling quantity for Cardano has surged to a brand new document of $12.8 billion, serving to elevate ADA to a brand new all-time excessive. The open curiosity for ADA futures also rose to $580 million, surpassing Litecoin (LTC) to change into the third-largest derivatives market.

Based on knowledge from Cointelegraph Markets Pro, in the meantime, market circumstances for ADA have been favorable for a while.

The VORTECS™ rating, unique to Cointelegraph, is an algorithmic comparability of historic and present market circumstances derived from a mixture of information factors together with market sentiment, buying and selling quantity, current worth actions and Twitter exercise.

VORTECS™ Rating (inexperienced) vs. ADA worth. Supply: Cointelegraph Markets Pro

As seen on the chart above, the VORTECS™ rating for ADA reached a excessive of 79 on Feb. 25, round 24 hours earlier than the value started to spike 27% to a brand new all-time excessive.

Good contract performance is the important thing part of the Mary improve and is anticipated to usher in a brand new period of performance for the Cardano ecosystem. As soon as built-in, decentralized finance functions will have the ability to function on the community and supply an outlet for customers who wish to escape high gas fees on the Ethereum community.